Albany, New York, Sept. 23, 2019 (GLOBE NEWSWIRE) -- According to a recent report by Transparency Market Research, the global fish-free omega-3 ingredients market in 2019, is foreseen to churn a revenue of worth US$ 590 Mn. This growth is credited to a steady rise in growth rate of 9% within the forecast period from 2019 to 2029. The market by the end of 2029, is estimated to reach nearly US$ 1.3 Bn. Owing to rising awareness regarding rise in health awareness among the people, some of the variety of fish, mackerel and salmon have gained impetus. These fish are known to be the top most source of omega-3 fatty acids that are the key part of a nutritional diet. But increasing number of people adopting veganism and turning into vegetarians are the fueling the demand for fish-free omega-3 ingredients in their diet.
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Growth in Food and Beverage Sector to Accelerate Demand
Lately, the food and drinks sector is undergoing some exceptional transformations related to health and healthy food. This is drawing consumer attention towards nutritious diet. The buyer’s knowledge regarding the food being consumed is surging above advantages of omega-3s and maintaining a balance between Omega-6 and Omega-3 in a regular diet. The demand is now changing from type of omega fatty acid to source of it, among the health-conscious buyers across the globe. This is stimulating the growth in global fish-free omega-3 ingredients market.
The surging prominence of plant-based and vegan ingredients in the food sector has been reinforcing the development of the fish-free omega-3 ingredients market.
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Partners are relied upon to keep on betting on the surging population among the vegetarian buyers along with inclination for green growth or plant-based omega-3 ingredients to sustain the maintained. But, slow administrative approvals will stay an essential challenge for market players, as they will keep on making it hard for makers to offer cost-effective solution and postpone their product from getting launched in the global fish-free omega-3 ingredients market.
Substitution of Replacing Krill Oil in Omega-3 Dietary Supplement to Support growth
In addition, the progressing pattern of substituting krill oil in omega-3 dietary enhancements with vegan green natural oil will keep on supporting the development of the fish-free omega-3 ingredients scene within a reasonable time-frame.
The fish-free omega-3 ingredients market has been seeing solid development in spite of the higher demand in fish oil as an omega-3 ingredients. The market scenario is likely to be very fragmented, as the quantity of new biotech organizations entering the market is rapidly multiplying. Despite the fact that the market is as of now at a budding stage, big-scale food companies, for example, Cargill Inc., BASF, and Koninklijke DSM N.V. have entered the market, expecting the monstrous potential for development in future.
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Makers in the fish-free omega-3 ingredients market are riding on the success of high demand for the flax-based ingredients, particularly in the European Union (EU), which represents a revenue share of around 33% of the market, making various scopes of key players in the global fish-free omega-3 ingredients market.
Geographically, Europe is foreseen to represent the highest shareholding fish-free omega-3 ingredients market in the forthcoming years. Nevertheless, the urgent need to match up with the strict regulations are expected to come as a challenge for the investors to gain profit in the mentioned region.
New players entering the global market are concentrating majorly on innovating new products to increase their global reach in several end-use segments, particularly in nutritional drinks. They are also working on enhancing the self-life of the product with various application of fish-free omega-3 ingredients. In June 2019, Remedy Organics—a new player producing plant-based nutritional drinks, introduced a new variety of the functional beverage, named, Golden Mind. This included DHA omega-3 ingredients which were derived from renewable sourced microalgae.
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The review is based on TMR’s report titled “Fish-free Omega-3 Ingredients Market (Ingredient: Bacterial, Alpha-Linolenic Acid (ALA), Eicosapentaenoic Acid (EPA), Docosahexaenoic Acid (DHA); Source: Algae, Plants [Chia Seeds, Flax Seeds, Soybean Oil, Canola Oil, Walnut Oil, Mustard Oil, Others]; Application: Food & Beverages [Food Industry {Dairy & Desserts, Bakery & Confectionary, Savoury Snacks, Breakfast Cereals, Others}, Beverage Industry {Functional Drinks, Juices, Others}, Dietary Supplements, Infant Formulas, Pharma & Personal, Animal Feed]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2029.”
Fish-free Omega-3 Ingredients Market Classification
The global fish-free omega-3 ingredients market has been segmented into ingredient, source, application, and region.
Global Fish-free Omega-3 Ingredients Market by Ingredient
- Alpha-Linolenic Acid (ALA)
- Eicosapentaenoic Acid (EPA)
- Docosahexaenoic Acid (DHA)
Global Fish-free Omega-3 Ingredients Market by Source
- Algae
- Plants
- Chia Seeds
- Flax Seeds
- Soybean Oil
- Canola Oil
- Walnut Oil
- Mustard Oil
- Others
Global Fish-free Omega-3 Ingredients Market by Application
- Food & Beverages
- Food Industry
- Dairy & Dessert
- Bakery & Confectionary
- Savoury Snacks
- Breakfast Cereals
- Others
- Beverage Industry
- Functional Drinks
- Juices
- Others
- Dietary Supplements
- Infant Formulas
- Pharma & Personal
- Animal Feed
- Food Industry
Global Fish-free Omega-3 Ingredients Market by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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